Top 5 ORX News Losses: Q4 2021
- 12 January 2022
Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q4 2021.
1. Royal Bank of Scotland – $357.4m
NatWest Group fined GBP 269.5 million by FCA for AML failures.
2. JPMorgan Chase & Co. – $200m
JPMorgan to pay USD 200 million for failing to retain staff WhatsApp, text and email messages.
3. HSBC – $197.4m
HSBC fined EUR 174.3 million by EC for participating in FX spot trading cartel.
4. BitMart – $196m
BitMart suffers hack through theft of private key leading to losses of around USD 196 million.
5. Santander Group – $174.9m
Santander erroneously pays GBP 130 million to UK customer and business accounts.
1. Mashreqbank – $100m
Mashreqbank agrees to pay USD 100 million for alleged breach of Sudan related US sanctions.
2. bZeroX – $55m
bZx loses USD 55 million after theft of developer’s private keys in phishing attack.
3. Navient – $42.5m
Navient to pay USD 42.5 million to settle two class action suits over misleading investors.
4. Westpac – $42.4m
Westpac to pay at least AUD 59.4 million for charging deceased customers financial advice fees.
5. Westpac – $41.4m
Westpac to pay and provision at least AUD 58 million for charging inadequately disclosed fees.
1. ING – $209.6m
ING provisions EUR 180 million over interest calculations on revolving credit.
2. BXH – $139.2m
BXH loses USD 139.2 million after hacker exploits administrator private key.
3. Cream Finance – $132m
Cream Finance loses USD 132 million in crypto assets in flash loan attack.
4. Commonwealth Bank of Australia – $111.1m
Colonial First State to pay AUD 150.1 million for misleading superannuation fund clients.
5. Not identifiable – $35m
Bank manager approves USD 35 million transfer from client account in deep fake voice clone scam.
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